Market Recap February 2016

According to the Toronto Real Estate Board (TREB), there were 7,621 sales through the Multiple Listing Service (MLS) in February. Up by 21.1 per cent compared to February 2015.

February saw an average selling price of $685,278 - which is up by 14.9 per cent from the average selling price of $596,320 reported in February 2015.

“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mark McLean, President of the Toronto Real Estate Board.

The median price in February 2016 was $565,000.
The median price in February 2015 was $515,000.

“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.